Intelligent Agents in Accounting and Finance

International Journal of Intelligent Systems in …, 1995

Artificial intelligence is a branch of computer science that develop intelligent machines to perform human tasks. Recently, there is growing interest in AI applications in professions that have many processes that can be easily automated. There is widespread optimism that AI systems can lead to new innovations or improve existing processes. This study focuses on some applications of artificial intelligence in the accounting, finance, economics, business, and management profession. The study provides a basic understanding of how AI will be useful in the accounting, finance, economics, business and management professions. The study also offered some insights into the risks posed by the use of artificial intelligence.

The study evaluates the place of Artificial Intelligent in accounting field. The study reviewed conceptual and theoretical studies on AI and drawn conclusion. Library research was adopted in gathering information for the research. It was discovered that Artificial Intelligent improved firm operation. Though it cannot totally replace the place of accountant. However, it would reduce the demand of much accountant. it would have positive effect, and if harnessed correctly, AI and automation could significantly enhance how Accountants work as well as the services they provide to clients. It reduced safe time and reduce spending. This study recommends that Accountants should upgrade themselves. also, future Accountants should acquire knowledge in digital technology in accounting companies of any size should AI to eases their sales, marketing, accounting and customer service without spending much on labour. National University Commission and universities should include AI in University curriculum where students would learn both theories and practical aspect of AI.

2002

Abstract: This paper discusses the use of intelligent Internet agents as essential tools for automating financial analysis functions in the virtual world. Several important characteristic features of intelligent agents are discussed, including autonomy, communication ability, ...

International Conference on Information Science and Technology Innovation (ICoSTEC)

Artificial intelligence (AI) is one of the remarkable discoveries in the twentieth century. AI is a science related to the creation of machine intelligence capable of performing tasks that previously can only be done by people (Simarmata et al, 2021). It can be said that AI is a breakthrough to create machines that have higher intelligence than machines in general. The current development of AI is aimed at improving learning and problemsolving abilities (Dongre et al, 2020). Accounting is a field that is very suitable for utilizing AI in every part of its information system. AI is expected to be able to help accounting practitioners to improve their performance and develop services they provide. During the development of AI, accounting practices that already adopted AI have resulted in more qualified and diverse outcomes. Various problems that become accounting limitations can be solved with the help of AI, so that the accounting profession can work on a wider area of accounting ser...

1st International Conference on Science and Technology Innovation, 2022

Artificial intelligence (AI) is one of the remarkable discoveries in the twentieth century. AI is a science related to the creation of machine intelligence capable of performing tasks that previously can only be done by people (Simarmata et al, 2021). It can be said that AI is a breakthrough to create machines that have higher intelligence than machines in general. The current development of AI is aimed at improving learning and problemsolving abilities (Dongre et al, 2020). Accounting is a field that is very suitable for utilizing AI in every part of its information system. AI is expected to be able to help accounting practitioners to improve their performance and develop services they provide. During the development of AI, accounting practices that already adopted AI have resulted in more qualified and diverse outcomes. Various problems that become accounting limitations can be solved with the help of AI, so that the accounting profession can work on a wider area of accounting services, including forensic accounting and financial services and digital investments.

Edited Book on "Contemporary Issues in Accounting, Management & Economics , 2023

AI is important in accounting and finance as it streamlines and optimizes many repetitive accounting processes. An entity can save more time and money as AI provides valuable insights to accounting and financial analysts and assists in analyzing large amount of data fast, generating more accurate, actionable data at lower costs. This data can then be used to deliver insights and analytics, driving strategic decision making that affects the whole entity. In recent years, with the innovations in science and technology, the application of artificial intelligence technology in accounting and finance field has become more and more extensive and in-depth. The integration of artificial intelligence and accounting is both an opportunity and a challenge. This paper combs the worldwide research literatures on use of AI in the field of accounting, assurance & finance, and points out the limitations of existing research, and provides reference for future research. Another goal is to outline artificial intelligence technologies used in audit and accounting. We surveyed research literature between 1989-2020 and reviewed more than 150 research papers. As meta-analysis results show that the majority of researches illustrate a positive impact of AI use on the accounting and finance function. Our study is divided into six sections-Introduction; Objectives of the Study; Conceptual Issues; Research Design; Findings; Conclusion.

2021

Accountants have embraced the emission of automation over many years to get better the efficiency and effectiveness of their work. But technology has not been able to replace the need for expert knowledge and decision-making. Earlier generations of ‘intelligent systems have usually demonstrated the progressing power of human expertise and the restrictions of machines. In the upcoming decades, intelligent systems must take over more and better decision-making tasks from humans. While accountant has been using technology for a lot of years to improve what they do and deliver more value to businesses, this is an opportunity to reimagine and radically improve the quality of business and investment decisions which is the ultimate purpose of the profession. Accountants, as expert decision-makers, use both ways of thinking they apply their knowledge to specific situations to make reasoned decisions, although also make quick intuitive decisions based on extensive experience in their field. ...

Journal of Emerging Technologies and Innovative Research (JETIR), 2022

Artificial Intelligence (AI) is the terminology of a technology that makes machines intelligent. It is a system designed by a human to make machines work intelligently. The purpose of artificial intelligence is to discover ways to perform complex human activities and show how computer technologies can work strategically as humans would. Artificial intelligence is rapidly changing the reality of accounting as it improves and reshapes the way real-world activities are conducted in the field. Accounting has changed significantly over the years, replacing paper and pencil work with computers first, but more importantly, reducing the time spent on repetitive tasks and reducing the number of errors. It has been replaced with a program that was done manually. In the short to medium term, AI brings many opportunities for accountants to improve their efficiency, provide more insight and deliver more value to businesses. In the longer term, AI raises opportunities for much more radical change, as systems increasingly take over decision making tasks currently done by humans. This white paper focuses on understanding the impact of artificial intelligence solutions in accounting as well as understanding the opportunities and challenges brought by AI in the field of accounting.